British Land first-half profit rises

EdBallard

LONDON--British Land Co. PLC (BLND.LN) reported an increased first-half profit Tuesday amid strong demand for commercial real estate in London that boosted the value of its portfolio.

Underlying profit before tax rose 6.2% to 155 million pounds ($242.7 million), and more than doubled to GBP1,043 million on a statutory basis. The net asset value rose 11.8% to 769 pence.

"Demand for offices in London is improving, supply remains constrained and rental growth now looks firmly established," said Chief Executive Chris Grigg.

"In retail, economic growth is feeding through to consumer spending and the lead indicators of rental growth in our business are all positive," he added.

British Land declared a quarterly dividend of 6.92 pence, bringing the half-year total to 13.84 pence, 2.5% more than a year earlier. The company said the value of its portfolio rose 7.2% to GBP12.8 billion.

The landlord also said its Broadgate Circle development is now over 90% pre-let or under offer after four restaurants leased space including the Botanist which took a 8,180 square feet on a 20-year lease.

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